1 developing your family child care business module 1 session 1
Developing Your Family Child Care Business Ewing Marion Kauffman Foundation Module 1 – Exploring Business Ownership Session 1 Facilitator: Janet Owen, M.Ed. Smart Beginnings Appalachian Region Coordinator
Welcome to our 1st session –Exploring Business Ownership.I am so happy to have you join us.
Introduction of FacilitatorO Janet Owen -Currently serving as Coordinator for the Smart Beginnings Appalachian Region made up of Lee, Scott, and Wise counties and the city of Norton, VAO Bachelor’s degree in elementary education w/ early childhood certificationO CDA credentialO Master of Education in Reading w/ emphasis on early literacyO 25+ years of working with young children in: Christian Schools: preschool, kindergarten, 1st grade teacher, early childhood director Head Start: teacher and mentor teacher (on- site director for program serving 60 low income children & families, supervised 13 employees) Public School Teacher – 1st grade, Title I reading, & TN Pre-K teacher(8 yrs.)O Tennessee Professional Teaching Certificate w/ endorsements in Elem. 1-8, Early Childhood Pre-K-3, & Reading Specialist Pre-K – 12O Married for 30+ years to a minister and currently residing in Kingsport, TN, 2 grown & married children – Ashlee & Jared
Look at page 1 in your Participant ManualO Goals for Module 1: O Distinguish among the three roles played by a family child care business owner. O Discover your own strengths and weaknesses in relation to the three roles of a family child care business owner. O Write and evaluate your own business concept statement. O Recognize the scope and value of the business planning process.O Module Outline
What Is My Vision? The goal of thisprogram is to help you create the family child care business YOU envision.O What’s an Entrepreneur?O 3 Traits of Entrepreneurs: 1. Recognize opportunity: 1. Identify an unmet need or want 2. Identify a product or service that meets that unmet need or want 3. Confirm that people will pay for the product or service.
O 3 Traits of Entrepreneurs (continued) 2. Leverage resources: 1. Determine what resources they need. 2. Determine where to get those resources. 3. Determine how to get those resources.
O 3 Traits of Entrepreneurs (continued) 3. Manage risk: 1. Educate themselves about the potential risks or problems. 2. Plan to reduce or eliminate those risks or problems.
Activity 1.1 The Story of the ThreeLittle Pigs from an EntrepreneurialView
Take 3 minutes to answer questions 1-6on pages 3-4 in the ParticipantManual. O The last two questions are the most important. O Doing things in an entrepreneurial way in part means: O planning ahead O imagining what might get in the way of achieving your goal O figuring out how to be prepared for obstacles when they appear
Entrepreneurship and Me – page 5O Your first entrepreneurial decision was to start your own family child care business.O Be clear about what you want from starting and operating a family child care business Me + Business Reality = A Fit?Look at Activity 1.2 beginning on page 6. Write youranswers to these questions before the next session.Determine how closely the family child care business fitsyour personal goals and life style. Spend time thinkingabout the Reflection questions on bottom of page 7 beforethe next class.
What Hats Do I Wear?O Introduce 5 Icons – page 8 in Participant Manual: Child Care Provider, Entrepreneur, Business Manager, Business Plan, & Parent HandbookO 3 Roles of a Family Child Care Provider: O Child Care Provider loves, appreciates, & respects children & is happiest when caring for them O Entrepreneur recognizes opportunities, envisions even better business, & imagines playing significant part in creating brighter future for children O Business Manager sets policy, gets needed governmental approvals, monitors cash flow, & deals with the IRS Which role best describes how you think of yourself?
Are the 3 legs of this stool equally important?
Family Child Care Business Owner Business ManagerChild Care Provider Entrepreneur
This Family Child Care Business program will help you strengthen your skills as Entrepreneurs and Business Managers.O Business Plan will be created later in this program. It will serve as guide to developing a solid family child care business.O Parent Handbook will be created later in this program. It is a tool to communicate to parents the nature of your business and your program policies.O We’ll focus on each of 3 roles of Family Child Care Provider by itself after a 10-minute break. PAUSE THIS SESSION AND TAKE A 10 MINUTE BREAK
The Child Care ProviderO Read “The Child Care Provider” on page 9 in the Participant Manual.O List 3 key details about the Child Care Provider role O Loves, appreciates, and respects children and is happiest when caring for them O Provides developmentally appropriate interaction and services O Promotes the health and safety of all children being cared for These details relate to the Parent Handbook because they establish credibility and reassure customers of quality.
Activity 1.3 The Child Care Provider Loves ChildrenO Take 3 minutes to write your answers to the nine questions on page 10O Child Care Connect Resource & Referral Agency: Sherry Tabor, Program Manager Ph. (276) 386-9881 Fax (276) 386-3387 email@example.comO Reflection Questions What strengths do I bring to my child care business? How can I improve my answers to questions 5-8? Does my answer to question 9 limit my chance of success? Think about these questions at home before the nextsession.
The EntrepreneurO Read “The Entrepreneur” on pages 11 & 12 in your Participant Manual.O List the 3 key details about the Entrepreneur’s role O Identifies opportunity – already done O Manages risk – willingness to take a calculated risk Go beyond what is familiar and safe Willing to risk failure – success rests on ability to plan and put the plan into ACTION Willing to risk losing money invested in the business to get it up & going Willing to risk losing ongoing income while getting the business started and operational. Look at the TIP at bottom of page 11. O Leverages Resources – asking for help when it’s needed is critical to the success of any business. Look at the list of those you need to know & why you need to know them at bottom of page 12.
Activity 1.4 The Entrepreneur Manages Risk O Look at the questions on page 13. Write the answers to them before the next session. There are NO right or wrong answers. O Look at the Reflection Questions on the bottom of page 13 What risks will be the most difficult for me? What can I do to reduce my risks? I will know it’s not working out if/when _________________. I am willing to invest up to $________ to get started. I am willing to go without income until __________(date). Think about these key questions before the next session.
Activity 1.5 The Entrepreneur Leverages ResourcesO Look at page 14 in your Participant Manual. This activity will help you understand your resources as a family child care entrepreneur. Knowing your resource people will help you write the Management and Organization section of your Business Plan at the end of Module 3.O Take 3 minutes to fill out the chart on page 14.O Continue to think about & make notes of your potential resources before you come to the next session. PAUSE THIS SESSION AND TAKE A 10 MINUTE BREAK
The Business ManagerO Read “The Business Manager” on page 15 in your Participant Manual.O List some things the Business Manager does: Set policy Get governmental approvals Monitor cash flow Deal with the Internal Revenue ServiceO Look at TIP on page 15.O Business and personal finances should be kept separate.
Activity 1.6 The Business Manager Supervises OperationsO Look at pages 16 & 17 in the Participant Manual. These details relate to the Business Plan and Parent Handbook you will be writing. You can use this information in both your Parent Handbook and in the Operations section of your Business Plan.O Take 5 minutes to write your answers to the 10 questions on pages 16 & 17. There are NO right or wrong answers. You will need to start thinking about these kinds of details and specifics before starting your business.O Look at the Reflection Questions at the bottom of page 17: How confident are you in your ability to handle all the business responsibilities reflected in these questions? Which ones could you use help with? Who can you ask for help? Continue to think about these during this session & at home.
Activity 1.7 The Business Manager Oversees FinancesO Look at pages 18 through 20. These details relate to the Business Plan. If you must look for outside financing, your personal finances will become part of the Financial section of the Business Plan. The key to gaining financing is being in good financial shape.O Answer the 6 questions on page 18.O Fill out the Small Business Administration Personal Financial Statement on pages 19 and 20 before the next session. No one here will see your answers.O Look at the Reflection Questions on page 18: What areas of my personal finances need the most attention? Where can I find help for my personal finances? How long will it take for me to clear up any personal financial issues I have discovered?
Activity 1.8 Summarizing the ThreeRoles of a Family Child Care Business Owner O On page 21 in your Participant Manual, take 5 minutes and write in the tasks you perform every day in a child care business according to the 3 hats you wear. O Look at the Reflection Questions on page 22 in your Participant Manual. Do I spend enough time in each role? Do I manage an appropriate balance among the roles? If not, what do I need to change? Which of these tasks could be done more effectively by someone else? Continue to think about these key questions during this session & at home.
Session 1 SummaryO On page 23 of your Participant Manual, focus on “Things I Want to Remember”. Take 3 minutes and write down your key learnings from this session.O Look at “Things to Do Before the Next Module”. O Complete Activities 1.2, 1.4, & 1.7. O Contact one of the following child care associations to inquire about membership fees, subscriptions to newsletters, & other services. O Write, email, or call your local Child Care Resource and Referral Agency and ask for information about services provided to family child care entrepreneurs.